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<TITLE>Special allowance rates for the quarter ending June 30, 2009</TITLE>
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<P><FONT FACE="Arial">The Department of Education (ED) has released the special allowance rates for the quarter ending June 30, 2009. </FONT>
<BR><FONT FACE="Arial">Due to changing market conditions, for the period ending June 30, 2009 ED is reverting to the previous method of determining the average of the bond equivalent rates of the quotes of the 3-month commercial paper (financial) rates. For days when a rate is unavailable, ED has used the previous available rate. </FONT></P>
<P><FONT FACE="Arial">Therefore, for the quarter ending<B> June</B><B> 30, 2009</B>, the average rate used to compute special allowance will be<B> </B></FONT><B><FONT COLOR="#000000" FACE="Arial">0.41</FONT></B><FONT COLOR="#FF0000" FACE="Arial"></FONT> <FONT FACE="Arial">percent. </FONT></P>
<P><FONT FACE="Arial">Pursuant to the Master Participation Agreement(s) under ED's loan participation purchase program for 2008-2009 loans, the</FONT><B> <FONT COLOR="#000000" FACE="Arial">0.41</FONT><FONT COLOR="#FF0000" FACE="Arial"></FONT></B> <FONT FACE="Arial">percent rate is also used to determine the Participant Yield (i.e., yield owed to ED). The calculated Participation Yield rate is available in an Ensuring Continued Access to Student Loans (ECASLA) </FONT><A HREF="http://www.federalstudentaid.ed.gov/ffelp/library/EA57.doc"><U><FONT COLOR="#0000FF" FACE="Arial">announcement</FONT></U></A><FONT FACE="Arial">.</FONT></P>
<P><FONT FACE="Arial">For some loans, the special allowance rate is calculated by using the average of the bond equivalent rates of the 91-day Treasury bills as published by the Department of the Treasury. For the quarter ending</FONT><B> <FONT FACE="Arial">June 30, 2009</FONT></B><FONT FACE="Arial">, the average of the rates is</FONT><B><FONT FACE="Arial"> </FONT><FONT COLOR="#000000" FACE="Arial">0.18</FONT><FONT COLOR="#FF0000" FACE="Arial"></FONT></B> <FONT FACE="Arial">percent. </FONT></P>
<P><B></B><A HREF="http://www.ifap.ed.gov/ffelspecrates/071609SAPMemo.html"><B></B><B><U><FONT COLOR="#0000FF" FACE="Arial">Click here</FONT></U></B><B></B></A><B></B><B></B><B><FONT COLOR="#0000FF" FACE="Arial"></FONT></B> <FONT FACE="Arial">to view ED’s announcement regarding the new rates. If you have questions, please contact OGSLP's Policy, Compliance and Training department at 405.234.4432, 800.247.0420 (toll free) or </FONT><A HREF="mailto:pct@ogslp.org"><U><FONT COLOR="#0000FF" FACE="Arial">pct@ogslp.org</FONT></U></A><FONT FACE="Arial">. We're here to help! </FONT></P>
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<P><I><FONT FACE="Arial">Mary Heid<BR>
Director for Policy, Compliance, & Training<BR>
Oklahoma Guaranteed Student Loan Program<BR>
A division of the Oklahoma State Regents for Higher Education</FONT></I>
<BR><I><FONT FACE="Arial">(405) 234-4489 phone<BR>
(405) 234-4582 fax<BR>
TTY 1-800-522-8506</FONT></I>
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